SSAB Americas lifts Q4 shipments despite maintenance, sees stronger Q1

The Swedish steelmaker’s Americas division shipped 450,000 metric tons (mt) in Q4’25, up slightly from 440,000 mt in the previous quarter and 438,000 mt in Q4’24, according to its 2025 year-end report.

SSAB President and CEO Johnny Sjöström described December shipments as particularly strong. On an earnings conference call, he highlighted that the team shipped “out as much as they could” on the back of a healthy order book after completing the planned maintenance at the company’s mill in Mobile, Ala., during the quarter.

The Americas segment Q4’25 operating result rose to SEK 347 million (US$39.3 million), compared with SEK 853 million in Q3’25 and SEK 189 million a year earlier. Revenue totaled SEK 5.08 billion, down from SEK 6.23 billion in Q4’24. The company said the ~$35-million outage partially offset higher underlying pricing.

A weaker US dollar also weighed on the Americas’ results. SSAB said earnings would have been stronger without currency exchange headwinds.

For the full year, SSAB Americas posted SEK 21.17 billion in revenue and SEK 2.17 billion in operating profit, down 6.8% and 2.5%, respectively, from 2024. Shipments increased 7.1% year over year to 1.835 million mt.

Market conditions

SSAB reported slightly stronger activity in the North American heavy plate market during Q4’25, with steel prices remaining stable. Commenting on somewhat low inventories at service centers, Sjöström believes the low stock levels could prompt restocking in the first quarter of 2026.

The company continues to see strong demand in several US sectors. In energy, the company saw record levels of pipe orders, driven mainly by oil and gas, along with strong transmission demand. Shipbuilding activity remains healthy, and rail transport is stable to slightly stronger, the company said. Robust demand in mining and material handling is being driven by high prices for gold, silver, and rare earths. Some improvement is expected in the construction machinery sector in North America, headed into Q1.

On the call, an analyst inquired if there is room for plate spread expansion in the next couple of quarters. The CEO replied, “I think there’s room – we have room to increase the spread.”

Despite tariff turbulence and challenges importing Swedish material into the US, SSAB said it has not seen a reduction in US volumes. “So far, there have been limited direct impacts of the US steel tariffs,” the Swedish company stated.

Advanced high-strength steel (AHSS) shipments into the US automotive sector remained at or above 2024 levels. However, if tariffs force a shift in sourcing, SSAB expects European customers to absorb the redirected AHSS volumes.

Another analyst asked about the long-term plan for tariffs: Will SSAB continue to share costs with customers, requalify with European OEMs, or develop domestic US capacity? Sjöström said they are looking at all options.

“We don’t really understand where they’re going to get these products from because you cannot produce it locally,” he commented, mentioning that US customers looking for specific grades will have to downgrade or find another solution.

Operations update

Sjöström revealed on the call that the two SSAB Americas mills are operating at extremely high utilization levels. “We’re working with AI to optimize our output,” he added, “And we have been quite successful during last year, enormously successful, I have to say.”

The company continues to invest in the Mobile mill to expand capacity for advanced grades. That includes a recently extended furnace and a tempering loop now under construction. SSAB previously estimated the Mobile investment at US$12 million.

SSAB confirmed 2026 maintenance will take place at the Montpelier, Iowa, mill in Q3’26, with an expected outlay of SEK 490 million (US$55.6 million).

Sjöström touted the company’s premium strategy of selling unique steel products and highlighted a new grade it has recently developed: Hardox HiAce. Designed for wear resistance in acidic and corrosive environments, such as those found in garbage trucks. While “it comes with a superior hardness, but also a superior wear resistance in aggressive environments,” said Sjöström, “it’s very, very cost competitive because it’s much leaner compared to stainless steel.”